The US stock market woke up to a devastating reality, with over $2 trillion wiped away from its value. Virtually every company was impacted, and the situation worsened as major trading platforms began to go down. Vanguard, Fidelity, TD Ameritrade, E-Trade, and Charles Schwab – all prominent players – were affected as the market plummeted. The red sea extended beyond Wall Street, as the crypto market also experienced significant losses. The Dow opened over 1000 points down, the S&P 500 dropped over 4.2%, and the Nasdaq Composite fell by more than 6%. This drastic decline forced five trading platforms to go offline, highlighting the gravity of the situation. The impact was not confined to the US, as Japan and Taiwan faced their worst market losses since 1987 and 1967, respectively. The Federal Reserve has reportedly convened an emergency meeting to address the crisis. With President Biden seemingly absent from the public eye, Vice President Kamala Harris faces increasing pressure to explain the current state of “Bidenomics” to a nation grappling with anxieties about the economic future. It is crucial to remember that Intel, facing numerous challenges and losing market share to its competitor AMD, has seen its stock drop by over 30% in recent weeks. Intel’s losses are just a ripple in the vast ocean of trillions wiped away from the US stock market today.
US Stock Market Plunges, Wiping Trillions, As Trading Platforms Go Down
